GAN posts $31.7m Q4 revenue, total for year reaches $135m
Revenue total for the quarter and the year reflected company growth.
Key Points
- The company reported annual growth for its quarterly and full year revenue
- Net losses posted during Q4 and FY2024 were fractions of the previous year’s losses
GAN Limited has published its financial and business results for the fourth quarter and fiscal year of 2024.
Total revenue during the fourth quarter rose by 3% year-over-year and reached $31.7m.
The company reported a decrease in its operating expenses during quarter, which totaled $23.4m.
GAN also posted a net loss of $4.2m during Q4, nearly half of the $9.4m net loss the company reported in its final 2023 quarter.
Adjusted EBITDA reflected a $3.9m loss during the fourth quarter, which did not change much when compared to last year’s quarterly report. The company said its adjusted EBITDA was “driven by increased revenues and lower operating expenses resulting from the aforementioned factors.”
Revenue
Operating Expenses
Net Loss
Adjusted EBITDA Loss
During the fiscal year, company revenue reached $135m, a boost of 4% year-over-year.
GAN reported year-over-year improvements in its annual operating expenses as well. Operating expenses for the year reached $98.2m, compared to $121m during the 2023 fiscal year.
The company said it had an $8m net loss for the year, less than a fourth of the $34m net loss posted in 2023.
Adjusted EBITDA for the full year was $8.6m. The company reported an adjusted EBITDA loss the previous year.
Company CEO Seamus McGill said, “I’d like to thank our entire global team for continuing to execute and grow our business on a streamlined cost structure. This led to stronger financial performance in 2024 with growth in both the top and bottom line.
We are simultaneously working diligently to close our merger with Sega Sammy. We continue to work through the remaining regulatory requirements and expect the merger to be successfully completed in the second quarter of 2025.”
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